Overview and Scope
Flat steel is a type of processed metal that is formed in flat sheets or strips with consistent thickness and width properties by melting and stretching under an applied force. It is produced by rolling a slab or billet through a series of rolling mills, compressing and shaping the steel into a flat form.
Sizing and Forecast
The flat steel market size has grown steadily in recent years. It will grow from $584.26 billion in 2023 to $611.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to construction and infrastructure growth, automotive industry expansion, manufacturing and machinery sector demand, shipbuilding activities, consumer goods manufacturing..
The flat steel market size is expected to see strong growth in the next few years. It will grow to $743.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global urbanization trends, renewed infrastructure investments, automotive industry innovations, rise in renewable energy projects.. Major trends in the forecast period include growing emphasis on sustainable and recyclable flat steel, customization and tailoring of flat steel products, increasing role of digitalization in supply chain management, influence of industry 4.0 in flat steel production..
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Segmentation & Regional Insights
The flat steel market covered in this report is segmented –
1) By Product: Sheet And Strips, Plates
2) By Material: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel
3) By Process: Basic Oxygen Furnace, Electric Arc Furnace
4) By End User: Building And Infrastructure, Mechanical Equipment, Automotive And Other Transport, Other End Users
Asia-Pacific was the largest region in the flat steel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flat steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Expansion of the construction industry is expected to propel the growth of the flat steel market in the coming future. The construction industry refers to the economic sector that is involved in the planning, designing, building, and maintenance of structures and infrastructure that includes a wide range of operations, such as residential, commercial, industrial, and civil engineering construction projects. Flat steel is widely utilized in the construction of structural components such as beams, columns, and girders, which offers strength and load-bearing characteristics that make it perfect for carrying the weight of buildings, bridges, and other structures. For instance, in 2022, according to the Bureau of Economic Analysis (BEA), a US-based government organization for industry statistics, the size of the United States construction industry increased from $1.916 trillion in the 2021 to $2.016 trillion in the 2022. Therefore, the expansion of the construction industry is driving the steel flat market.
Key Industry Players
Major companies operating in the flat steel market report are ArcelorMittal S.A., POSCO Holdings Inc, Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group Company Limited, Nucor Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Angang Steel Company Limited, Shougang Group Co. Ltd., JSW Steel, United States Steel Corporation, Novolipetsk Steel, Voestalpine AG, Hyundai Steel Company, Evraz Group S.A., Gerdau S.A., Steel Authority of India Limited, SSAB AB, Severstal, Outokumpu, Allegheny Technologies, Ezz Steel, Metals USA Holdings, Acerinox, Essar Steel, Yieh Corp.
The flat steel market report table of contents includes:
1. Executive Summary
2. Flat Steel Market Characteristics
3. Flat Steel Market Trends And Strategies
4. Flat Steel Market – Macro Economic Scenario
5. Global Flat Steel Market Size and Growth
…
32. Global Flat Steel Market Competitive Benchmarking
33. Global Flat Steel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Flat Steel Market
35.Flat Steel Market Future Outlook and Potential Analysis
36. Appendix
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